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Bankruptcy court approves sale of online wireless provider InPhonic
Company has been acquired by Philadelphia-based private equity firm Versa Capital Management. InPhonic, which sells mobile phones and wireless service online for other companies and organizations, filed for bankruptcy protection in November.
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InPhonic Inc., an online seller of cell phones and wireless plans that filed for bankruptcy last month, has been sold to Philadelphia-based private equity firm Versa Capital Management. The sale was approved last week by the U.S. Bankruptcy Court for the District of Delaware.
“Today marks a new beginning for InPhonic,” says Andy Zeinfeld, who assumed the role of CEO at InPhonic in September. “With the sale, we are now able to focus on growing our business, preserving our leadership in the market, achieving profitability and strengthening our relationships with our marketing and carrier partners.”
Washington, D.C.-based InPhonic operates web sites on behalf of retailers and organizations to sell wireless devices and service under their brands. In September, for instance, InPhonic announced a deal to sell wireless phones and services across the e-commerce sites of Ritz Interactive, which is No. 114 in the Internet Retailer Top 500 Guide. InPhonic also operates Wirefly.com, a comparison shopping site for cell phones and service plans.
InPhonic reported revenue of $79.4 million and an operating loss of $40.6 million for its second quarter ended June 30, compared with revenue of $92.1 million and a loss of $9.4 million for the second quarter of 2006.